Naagin Raises Over $1 Million in Seed Funding Round
Funds will be utilized to invest in creating deeper inroads with online and offline channels nationwide
Naagin on Wednesday announced to have raised over $1million as seed funding from actor and investor Abhishek Bachchan, Eight Innovate Fund-I (8i Ventures) and other high-net-worth individuals. Funds will be utilized to invest in creating deeper inroads with online and offline channels nationwide. Naagin also plans to invest further in R&D and product innovation, where the brand will continue to explore unique flavours and high-quality products that go beyond the existing supermarket-supply of largely identical products with little differentiation.
"My journey with the brand is quite special — I personally had a chance to try it and fell in love with the product and the flavour instantly — it really blew my mind! The packaging was brilliant, the name was fun, I could see the passion of the brand – all the ingredients came together well, so the conversation with the brand felt natural. I am always on the lookout for fresh ideas, and it goes with our family philosophy to promote Indian entrepreneurs and help in building great Indian brands," said Abhishek Bachchan, actor and investor.
"As Naagin has progressed along its journey, it has been blessed with strong investors who have shared a vision with us to grow India's number one hot sauce brand and to prove that Indian spices and flavours can be found all over the world. Having been a portfolio company of Vikram and the team at 8i, we have benefited from the experience of working with some of India's leading fintech and consumer companies. In the course of establishing Naagin as a global hot sauce brand, Abhishek Bachchan was a fortunate partner to participate in our next phase of growth. With the generous support of our investors, mentors, and customers, Naagin Sauce is able to produce the highest quality and most original products on the market today," said Mikhel Rajani, co-founder, Naagin Sauce.
"When we seeded Naagin in 2019, we signed up for Mikhel's insight that Indians and hot sauces was a love affair waiting to happen. Since then, Naagin has broken out as one of those early cult brands with a fanatical user base that can't live without a bite of it every day. We are delighted to invest again in Naagin and welcome Abhishek Bachchan to the Naagin family." - Mr. Vikram Chachra, Founding Partner, 8i Ventures
The brand was created by Arjun Rastogi, Mikhel Rajani, and Kshitij Neelakantan with one goal: to put the Indian consumer at the forefront, with original Indian flavours and unique products that would add value to their individual food exploration journeys. Naagin products are available Pan-India at all leading retailers like Reliance Retail, Nature's Basket, Food Hall, Metro and many more, while the brand has also made big progress on leading e-commerce platforms, including Amazon, Flipkart, Swiggy, BigBasket and direct-to-consumer on its website. Naagin also has expanded its availability in the US, UK, UAE, Australia, Singapore and Hong Kong.